Add Year End Periods
Explanation
Use this activity to add periods to be used exclusively for year-end designated
vouchers. Two year-end period types exist, Year Opening and Year Closing. The
year opening period is the period for opening balances. Only period 0 can be
a year opening period. Several year closing periods can be created for the same
accounting year. Only one year end period can be open at a time. Year-end user
groups must be connected to the year-end periods.
Prerequisites
- The company must exist in IFS Financials.
- The calendar should be connected to the general ledger of the company.
System Effects
- Budget values in
Budget Year Amount
will not be allocated to year-end periods through the Allocate All Year
Values action.
- Period Allocations will only be performed to address accounting periods
that are not year-end periods.
- When depreciation periods are created in IFS Cloud/Fixed Assets, year-end
periods will be excluded.
- If a period is marked as a year closing period, an ordinary period cannot
be created with a higher number.